AMC Theatres: The Meme Stock that Took Wall Street by Storm
From Penny Stock to Market Darling
In 2021, AMC Theatres became a symbol of the Reddit-fueled meme stock craze. Retail investors, largely organized through online forums, banded together to drive up the stock price of the struggling movie theater chain. The stock, which had been trading at around $2 per share in January 2021, soared to a high of $72 per share in June, leaving Wall Street analysts baffled.
The Rise of the "Apes"
The AMC stock surge was fueled by a group of retail investors who called themselves "Apes." These investors, inspired by the idea of a "short squeeze," bought and held AMC stock in an attempt to force hedge funds that had bet against the company to close their positions and cover their losses. The "Apes" also rallied around the company's CEO, Adam Aron, who became a cult figure among investors.
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